Account Executive, HNI
A few weeks ago, Governor Scott Walker repealed many of the changes to Wisconsin insurance law that were made by his predecessor. Changes that were included in the 2009-2010 state budget that affected the auto insurance industry have been reversed. According to Wisconsin state law, these changes will go into full effect on the first day of the seventh month after publication, which in this case is November 1st.
The law still requires all drivers to have insurance, but drops the levels of coverage required. When these changes take effect, the liability limits will be 25/50/10, UM to 25/50, UIM to 50/100 (optional) and medical payments to $1,000 (optional). The new law also eliminates the “stacking” provisions that banned insureds from combining auto insurance policy limits for uninsured and underinsured motorist coverage.
While these limits are the lowest available and the most affordable, we always strongly suggest that our clients secure limits no less than $250/500/100 or a $300 combined single limit. With legal and medical costs constantly on the rise, the minimal cost to secure the higher limits could prove to be very valuable in the event of an accident. Considering the current state of the economy, people are ever more concerned about their assets as well as future earnings and having the appropriate insurance coverage can help put one's mind at ease.